THE WHITE HOUSE
Office of the Press Secretary
________________________________________________________________________
For Immediate Release September 28, 1994
JOINT U.S. - RUSSIAN STATEMENT IN SUPPORT OF THE
TIMAN PECHORA PROJECT
The Presidents of the United States and Russia express support
for the early completion of the negotiations between the Russian
Federation and the Timan Pechora Company L.L.C. (TPC) toward the
Timan Pechora production sharing agreement. The two sides will
exert all possible efforts to support successful conclusion of the
negotiations by the coming meeting of the Joint Commission for
Economic and Technological Cooperation, which will be held before
the end of year 1994.
The Timan Pechora project is designed to explore, appraise, and
develop viable oil fields in the Timan Pechora Basin. According to
available estimates, potential oil resources of the basis total more
than two billion barrels. TPC will act as the operating company for
the project, located 1,771 kilometers (1,100 miles) northeast of
Moscow above the Arctic Circle on the Barents Sea. TPC is owned
jointly by U.S. companies Texaco, Exxon, Amoco, and the Norwegian
company Norsk Hydro.
President Clinton and President Yeltsin agreed at their meeting
in Naples to give the Timan Pechora project top priority in the oil
and gas sector. Vice President Gore and Prime Minister Chernomyrdin,
through the Joint Commission for Economic and Technological
Cooperation, will continue their efforts to ensure successful
completion of negotiations and implementation of the project,
including early adoption of production sharing agreement legislation
in Russia.
It is anticipated that the Overseas Private Investment
Corporation (OPIC), among others, may provide substantial assistance
for the project through their financing and insurance support.
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